Aug 12, 2021   SOURCE: BusinessWire

Worldwide Nuclear Waste Management System Industry to 2028 - Decommissioning of Nuclear Power Plant Presents Opportunities - ResearchAndMarkets.com

The "Nuclear Waste Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Waste Type, Reactor Type, and Disposal Options" report has been added to ResearchAndMarkets.com's offering.

According to this report the market is expected to reach US$ 25,339.64 million by 2028, registering a CAGR of 3.40% from 2021 to 2028.

Nuclear waste management system is a process of gathering nuclear waste from hospitals, nuclear power plants, and nuclear research centres and safely disposing it at an underground disposal sites. The high-level waste and intermediate-level waste require special cannister for storage for its treatment and need to be disposed at deep geological disposal sites. However, the low-level waste can be disposed at near surface disposal.

The nuclear waste management system market is experiencing significant growth owing to the increasing deployment of nuclear power plants across the world due to the rising need for clean energy. However, the high cost of nuclear waste management system restrains the market growth. On the other side, the growing development of nuclear weapons and increasing decommissioning of nuclear power plants are expected to offer lucrative growth opportunities for the market players in coming years. However, the COVID-19 outbreak has marginally impacted the nuclear waste management system market.

The global nuclear waste management system market is segmented on the bases of waste type, reactor type, disposal options, and geography. Based on waste type, the market is segmented into low-level waste, high-level waste, intermediate-level waste, and others. The low-level waste segment led the nuclear waste management system market based on waste type. Based on reactor type, the nuclear waste management system market is segmented into pressurized water reactor, boiling water reactor, and gas cooled reactor. The boiling water reactor segment led the nuclear waste management system market based on reactor type. Based on disposal option, the market is bifurcated into near surface disposal and deep geological disposal.

According to reports from operators and regulators received through the International Atomic Energy Agency's (IAEA) COVID-19 Operational Experience Network (OPEX) and International Reporting System for Operating Experience, nuclear power reactors were not forced to shut down due to the impact of COVID-19 outbreak on the workforce or supply chains. Operators and regulators have maintained plant's safety and security even though the pandemic has impacted them in numerous ways, such as planned outages and maintenance plans, according to the IAEA. This has led to an increase in nuclear waste even during the pandemic thus growing the need for nuclear waste management systems.

Key Findings of the Study:

Geographically, the nuclear waste management system market is broadly segmented into five major regions-North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Asia-Pacific held the largest market share in 2020, followed by Europe and North America.

Asia-Pacific has more than 135 operational nuclear power reactors and about 30-35 nuclear power reactors that are under construction. Moreover, the governments in the region have a firm plan to develop additional 50-60 nuclear reactors across the region. The growing rate of industrialization and urbanization in Asia-Pacific is one of the major factors expected to generate huge demand for energy in coming years. As a result, the deployment of nuclear power plants is increasing, which is subsequently generating the demand for nuclear waste management systems in the region.

Europe held the second largest share in the nuclear waste management system market in 2020. The region is highly dependent on nuclear energy as it generates 25% of required energy from nuclear power. Moreover, the increasing decommissioning of nuclear power reactors in the certain countries of Europe is fueling the growth of the nuclear waste management system market in the region.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global nuclear waste management system market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global nuclear waste management system market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Growing Deployment of Nuclear Power Plants
  • Development of Nuclear Weapons

Restraints

  • High Cost of Nuclear Waste Management System

Opportunities

  • Decommissioning of Nuclear Power Plant

Future Trends

  • Growing Use of Medical Radioisotopes

Companies Mentioned

  • Augean Plc
  • Perma-Fix Environmental Services, Inc.
  • Svensk Karnbranslehantering AB
  • Ansaldo Energia
  • US Ecology, Inc.
  • Veolia Environmental Services
  • Bechtel Corporation
  • Energysolutions
  • BHI Energy
  • Waste Control Specialists, LLC

For more information about this report visit https://www.researchandmarkets.com/r/ql0t2v